Principles Of Accounting an der Nigerian Turkish Nile University | Karteikarten & Zusammenfassungen

Lernmaterialien für Principles of accounting an der Nigerian Turkish Nile University

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Types of debt 
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  • Purchasing debt 
  • Human resource debt 
  • Production debt 
  • Marketing debt 
  • Accounting debt 
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Treating carriage inwards and outwards 
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Carriage inwards:
Debit: Trading account
Credit: Carriage inwards account

Carriage outwards
Debit: Profit and loss account
Credit: Carriage outward account
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TESTE DEIN WISSEN
Carriage inwards vs outwards
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Carriage inwards are charges for transporting good purchased into a firm while carriage charges for the delivery of goods to a firm's customers is carriage outwards
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Five code of ethics -Integrity
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Must be honest and truthful in all professional and business relationships.  Never associate with any information you believe is false or misleading
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Prudence/ Conservatism
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Financial statements should be neutral.  Profits and revenues should not be overstated (high) and losses and expenses should not be understated (low)
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Disadvantages of computers
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•Expensive to set up
•Expenditure on training staff
•Additional security features are needed; passwords and back up information storage in case of power outage
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TESTE DEIN WISSEN

If the managers of a firm prepares the financial statements for external users to see , what conflict of interest could arise?

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The managers may not be very honest when preparing the statements. So a third party (auditors) play the role of certifying that the financial statements have been prepared according to the accounting principles.

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Annual reports' nickname 
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Financial statements 
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TESTE DEIN WISSEN

Does a business have to account for credit sales, given there is no cash collection yet?

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yes

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Traditional and emerging careers in accounting
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•Banking 
•Management
•Insurance
•Entrepreneurship
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Accrual formula
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TESTE DEIN WISSEN
Revenues - Expenses = Net Profit
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Careers in management
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(I) Accounting manager -prepares fiscal reports, financial statements and other reports for internal management and external stakeholders

(II) Chief financial officer (CFO) -has the primary responsibility of managing the financial actions of the bank.  The CFO asses the strengths and weakness of the bank and provide corrective measures where needed

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  • 3061 Karteikarten
  • 12 Studierende
  • 1 Lernmaterialien

Beispielhafte Karteikarten für deinen Principles of accounting Kurs an der Nigerian Turkish Nile University - von Kommilitonen auf StudySmarter erstellt!

Q:
Types of debt 
A:
  • Purchasing debt 
  • Human resource debt 
  • Production debt 
  • Marketing debt 
  • Accounting debt 
Q:
Treating carriage inwards and outwards 
A:
Carriage inwards:
Debit: Trading account
Credit: Carriage inwards account

Carriage outwards
Debit: Profit and loss account
Credit: Carriage outward account
Q:
Carriage inwards vs outwards
A:
Carriage inwards are charges for transporting good purchased into a firm while carriage charges for the delivery of goods to a firm's customers is carriage outwards
Q:
Five code of ethics -Integrity
A:
Must be honest and truthful in all professional and business relationships.  Never associate with any information you believe is false or misleading
Q:
Prudence/ Conservatism
A:
Financial statements should be neutral.  Profits and revenues should not be overstated (high) and losses and expenses should not be understated (low)
Mehr Karteikarten anzeigen
Q:
Disadvantages of computers
A:
•Expensive to set up
•Expenditure on training staff
•Additional security features are needed; passwords and back up information storage in case of power outage
Q:

If the managers of a firm prepares the financial statements for external users to see , what conflict of interest could arise?

A:

The managers may not be very honest when preparing the statements. So a third party (auditors) play the role of certifying that the financial statements have been prepared according to the accounting principles.

Q:
Annual reports' nickname 
A:
Financial statements 
Q:

Does a business have to account for credit sales, given there is no cash collection yet?

A:

yes

Q:
Traditional and emerging careers in accounting
A:
•Banking 
•Management
•Insurance
•Entrepreneurship
Q:
Accrual formula
A:
Revenues - Expenses = Net Profit
Q:
Careers in management
A:
(I) Accounting manager -prepares fiscal reports, financial statements and other reports for internal management and external stakeholders

(II) Chief financial officer (CFO) -has the primary responsibility of managing the financial actions of the bank.  The CFO asses the strengths and weakness of the bank and provide corrective measures where needed

Principles of accounting

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